| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 83 | 10.7x | 17.8x | Top tier | |
Growth | 42 | 7.0% | 7.1% | Around median | |
Quality | 93 | — | — | Top tier | |
Safety | 84 | — | — | Top tier | |
Capital Return | 62 | 4.84% | 2.12% | Around median | |
Momentum | 67 | 4.7% | 2.9% | Top tier | |
Sentiment | 53 | 9 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
T. Rowe Price Group is an asset management company that generates most of its revenue from investment management and advisory fees linked to the size of assets under management and the type of strategy and investment vehicle. Assets under management totaled $1.9 trillion at the end of Q2 fiscal 2026, including approximately $900 billion in directly managed active equities, while the company is expanding its sources of growth through fixed income, alternatives, exchange-traded funds, separately managed accounts, and retirement solutions. The asset mix affects revenue, as exchange-traded funds, hybrid solutions, and low-tracking-error strategies tend to carry lower fees than traditional active equity funds.
In Q2 fiscal 2026, the company reported EDGAR revenue of $1.9 billion, net income of $632.0 million, and diluted earnings per share of $2.88, equivalent to a calculated net income margin of approximately 33.3%. On an adjusted basis, net revenue was $1.9 billion, up 2.7% from Q1 fiscal 2026 and 8.5% from Q2 fiscal 2025, while adjusted diluted earnings per share were $2.57 versus $2.52 and $2.24, respectively. Investment advisory revenue was $1.7 billion, but the annualized effective fee rate declined to 38.1 basis points from 38.4 basis points in the previous quarter.
The flow mix remained uneven in Q2 fiscal 2026: the company recorded net outflows of $6.5 billion, offset by positive inflows into fixed income, multi-asset, and alternatives, in addition to $4.4 billion of net inflows into exchange-traded funds. The exchange-traded fund platform comprised 34 funds with assets exceeding $30 billion, while the separately managed account platform included 43 products with $20 billion in assets. Integrated and low-tracking-error strategies, which manage approximately $200 billion, also generated $16 billion in net inflows since the beginning of fiscal 2026.
The average analyst price target is $114.2, within a target range of $108 to $120, while the consensus recommendation is Neutral; the average is $7.8 below the 52-week range high of $122. The wide 52-week range of $85.22 to $122 reflects the valuation's sensitivity to fluctuations in assets under management, flows, and fee pressure, so the neutral consensus balances growth in exchange-traded funds and alternative products against continued active equity outflows and rising expenses.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
According to EDGAR, T. Rowe Price reported revenue of $1.9 billion, net income of $632.0 million, and diluted earnings per share of $2.88 in Q2 fiscal 2026. On an adjusted basis, earnings per share were $2.57 versus $2.52 in Q1 fiscal 2026 and $2.24 in Q2 fiscal 2025. Adjusted net revenue rose 2.7% sequentially and 8.5% year over year, but the company recorded net outflows of $6.5 billion.
They have not stopped at the company level, as net outflows totaled $6.5 billion in Q2 fiscal 2026. The picture improved in May and June 2026 due to a large mandate in the hybrid target-date series and a large subadvisory mandate for two research-based and integrated strategies. Nevertheless, management expects flows in the second half of fiscal 2026 to be more challenging because of pressure on active equities, portfolio rebalancing, and a temporary gap in the later stages of the target-date product pipeline.
The exchange-traded fund platform attracted $4.4 billion in net inflows in Q2 fiscal 2026, and its assets reached more than $30 billion across 34 funds. The company launched T. Rowe Price Capital Appreciation Market Opportunities ETF in June 2026, followed by TKNZ, an active multi-token crypto asset fund, in July 2026. After building the current lineup, the plan focuses on expanding the scale of existing funds and using them in asset allocation models and wealth platforms.
Automated analysis for informational purposes only — not investment advice.
On August 20, 2026, T. Rowe Price announced an agreement to acquire F/m Investments, a specialist in bond exchange-traded funds that manages approximately $19 billion. The transaction aims to expand fixed-income, liquidity, and separately managed account capabilities and access to wealth and retirement platforms. It is expected to close in early 2027, with F/m Investments retaining its brand and current leadership and operating as a subsidiary of T. Rowe Price.
In Q2 fiscal 2026, more than half of the company's funds outperformed peer groups over one-, three-, and ten-year periods, while the proportion was 44% over five years. On an asset-weighted basis, 79% of assets outperformed over ten years, but the rates were 44% over one year, 57% over three years, and 43% over five years. Fixed income was relatively stronger, with more than 75% of its fund assets outperforming across all reported periods, while 98% of target-date fund assets outperformed over ten years.
The greatest operating risk is continued outflows from active equities, which represent approximately $900 billion of the company's $1.9 trillion in assets under management at the end of Q2 fiscal 2026. The effective fee rate also declined to 38.1 basis points from 38.4 basis points as clients shifted toward lower-fee products, while management expects adjusted expenses to grow 4%–7% in fiscal 2026. In addition, weaker relative performance over some recent periods and in certain credit and alternative strategies could make it more difficult to restore inflows if competition from passive products and lower-cost solutions remains elevated.
